Here's how Europe plans to challenge the U.S. dollar's dominance

The European Union is set to unveil plans for challenging the dollar's dominance in global markets, including energy, as it seeks to strengthen the international role of its currency and become more independent from the U.S. amid a widening rift in transatlantic ties.

The EU must develop "a full range of trustworthy interest rate benchmarks" in financial markets and a fully integrated instant payment system, according to a draft set of initiatives due to be released later this week by the European Commission. The bloc's executive arm will also explore the possibility to further develop the role of the euro in foreign exchange markets.

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The commission's plans are aimed at mitigating the so-called "exorbitant privilege" of the U.S. dollar, which allows Washington to force global compliance with its foreign policy goals, including by the EU.

"There is scope for the euro to develop further its global role and achieve its full potential, reflecting the euro area's political, economic, and financial weight," the commission said in the draft obtained by Bloomberg. ...